Financial Accounting Standards Advisory Council (FASAC)

FASAC Survey

One of the roles of advisory group members is to share their views and experience with the Board on matters related to projects on the Board’s agenda, possible new agenda items, practice and implementation of new standards, and strategic and other matters.

Historically, a mechanism that FASAC has used to gather input and advise the FASB on future project priorities and on possible new agenda items is a periodic survey. Participation in this year’s survey includes members of FASAC, the Investor Advisory Committee (IAC), the Not-for-Profit Advisory Committee (NAC), the Small Business Advisory Committee (SBAC), the Private Company Council (PCC); and the Emerging Issues Task Force (EITF). We encourage the participation of all of members of these groups in this year’s survey. Responses are requested by Friday, July 31. A compilation of the survey responses will be shared with the FASB and made public; responses will not be attributed to specific individuals.

The survey results will be used by the FASB to develop a Discussion Paper seeking broad stakeholder input on possible agenda ideas to help the Board develop its thinking and structure an action plan; interested stakeholders are encouraged to respond to that forthcoming Discussion Paper. See the FASB Outlook Article—from the Chairman’s Desk, “Big Ticket Standard-Setting,” for additional information.